KPMG Australia seeks $100m bailout from parent group after scandal
KPMG Australia is reportedly considering asking for $100m (£52.6m) in emergency loans from the Big Four firm’s global network after a scandal rocked the firm’s reputation and business down under. The Australian firm’s newly appointed chief executive, John Sams, has considered asking KPMG International to loan the arm up to $100m or waive its fee [...]
KPMG Australia is reportedly considering requesting a $100 million emergency loan from its parent firm, KPMG International, following a scandal that has damaged the Australian arm's reputation and business. The Australian Financial Review first reported the possibility on Monday, quoting a KPMG spokesperson who said KPMG Australia is working with KPMG International to assess financial projections.
The firm had previously laid off hundreds of employees and announced a five percent workforce reduction and a 13 percent pay cut for partners in August, as it grappled with a decline in client spending and the fallout from the scandal. KPMG International will review any funding request in accordance with its governance arrangements.
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